https://www.taxtmi.com/caselaws?id=214497 The High Court upheld the decision of the Tribunal, affirming that the transactions involving the purchase and sale of shares were not genuine and were aimed at reducing tax liability. The Court found that the assessee firm was used as a mere vehicle for an illegitimate purpose, emphasizing the lack of evidence supporting the transactions' genuineness. The appeals filed by the assessee were dismissed, with the Court concluding that the transactions lacked authenticity and genuine business activity, supporting the Tribunal's findings. en-us Mon, 04 Jun 2012 00:00:00 +0530 Tue, 03 Jul 2012 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214497 The High Court upheld the decision of the Tribunal, affirming that the transactions involving the purchase and sale of shares were not genuine and were aimed at reducing tax liability. The Court found that the assessee firm was used as a mere vehicle for an illegitimate purpose, emphasizing the lack of evidence supporting the transactions' genuineness. The appeals filed by the assessee were dismissed, with the Court concluding that the transactions lacked authenticity and genuine business activity, supporting the Tribunal's findings. Case-Laws Income Tax Mon, 04 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214497